Sep 26, 2017

An essential part of your financial life will be your credit report.  If you don’t already know what a credit report is, this will help you understand better—credit reports are the detailed financial records of your credit history. Credit reports are officially prepared by credit companies which are also called credit bureaus.

It’s important to understand that there is no single credit bureau that functions on a federal scale. There are multiple credit companies, which provide credit reports to individuals and business owners all across the country. All sorts of lenders, bankers, landlords, credit card suppliers refer to these credit reports. Since there are several options available, settling on one credit bureau can be a difficult task.

In this article, we are going to be discussing the three major credit companies namely Experian, Equifax, and TransUnion. If you want to select the best credit company for yourself, you need to continue reading for more insight on each credit bureau.

Experian Credit Company

The Experian Credit bureau offers a credit monitoring service of its own. They have multiple interesting packages for their users. The Experian tracker can be used to monitor your credit report and your FICO score. All of thisand a few other features are available, but for a charge of $19.95 per month.

For a full identity theft protection, you will have to pay an extra amount of $15.95 per month. This feature allows you to get access to credit reports by other credit companies, such as TransUnion and Equifax. This company’s services are expensive, but if you don’t want the additional service of identity theft protection, Experian will be fine for you. Experian has branches in 39 countries and its headquarters are located in Dublin.   

Equifax Credit Company

Headquartered in Atlanta, Equifax is a company that offers online tools to monitor and manage credit reports and scores. Equifax credit reports are the sole ones that currently offer summaries for ‘closed’ and ‘open’ accounts. They make it easier for people to distinguish information and choose from the list of accounts they want to examine.

Along with these services, Equifax offers a great identity theft protection compared to other credit bureaus, Experian and TransUnion. Their premier plan gives you multiple similar features that will make this credit company stand in the line of best  choices. You get one million dollar ID theft insurance as well—imagine that.

For the people who require family coverage, Equifax has a comprehensive plan that covers two adults and four children.  

TransUnion Credit Company

Standing on top of the above two, TransUnion is a credit rating agency that has the most definitive employment data in your private summary. With TransUnion, you get a free 7 day trial period for just $1. You can update and rectify several fields that include your current or preceding employer, your work position and the date of your hiring. This option helps you in presenting a good reflection of your credit report. It shows your lender the accurate dates for your job proceedings.

TransUnion is also less expensive as compared to other credit agencies. It has services and clients in 33 countries worldwide.

So, now you know the key features of the three major credit rating agencies (CRA’s). Consider the various details and services that you may or may not  need, and you can select your desired credit reporting agency.

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